Ralph Lauren quietly shuttered its two-year-old 20,000-square-foot store last week. Other brands are expected to close boutiques in a city that has lost its luster for cash-rich mainland Chinese tourists.

The Top 10 Stories of 2004: 5. The Asian Promise

A host of luxury and fashion brands looked east in 2004. Labels such as JLo and Giorgio Armani opened stores in emerging markets like Russia and China, while other fashion names, such as Pucci and Coach, inaugurated flagships in Japan.

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@rebeccaminkoff is bringing self-checkout to high fashion: The brand has partnered with @queuehop to bring its customers self-checkout options, beginning this holiday season at its SoHo store. (📷: @aurorarosephoto)